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Expensify, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in revenue to $35,409,000 from $36,494,000 in the same quarter the previous year. The decrease is attributed to a reduction in billable activity and increased cashback payments.
Cost of revenue for the quarter was $17,145,000, representing 52% of revenue, consistent with the same quarter of the previous year.
The company reported a gross margin of $18,264,000 for the quarter, compared to $18,814,000 in the previous year.
Research and development expenses decreased to $5,618,000 from $6,607,000, primarily due to a decrease in employee-related expenses.
General and administrative expenses decreased to $9,084,000 from $14,245,000, attributed to lower employee-related expenses and reduced settlement losses.
Sales and marketing expenses decreased to $3,274,000 from $12,860,000, primarily due to reduced advertising spend and outsourcing activities.
Other income (expenses), net improved to $181,000 from $(2,375,000), mainly due to decreased interest expenses.
The company recorded a provision for income taxes of $2,667,000, compared to a benefit from income taxes of $270,000 in the previous year.
Net loss for the quarter was $2,198,000, compared to a net loss of $17,003,000 in the previous year.
Cash provided by operating activities was $16,475,000, while cash used in investing and financing activities was $6,699,000 and $21,180,000, respectively.
Expensify had cash and cash equivalents of $39,172,000 as of September 30, 2024. The company maintains a $25,000,000 revolving credit facility with Canadian Imperial Bank of Commerce (CM-0.17%).
The filing also details the company's stock repurchase program, with $39,490,003 remaining under the authorization as of September 30, 2024.
The company continues to focus on expanding its expense management platform and transitioning cardholders to its Updated Card Program.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Expensify Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.